Ethereum market update: ETH/USD struggles at $170.00 amid growing selling pressure

By April 11, 2019 Ethereum
Click here to view original web page at
  • The downside momentum is gaining traction.
  • The coin has to get back above $174.50.

ETH/USD is not doing well this Thursday. The second largest coin has lot over 5% of its value in recent 24 hours to trade at $170.26 by the time of writing. While the price recovered from the intraday low of $168.47, the short-term bearish trend is gaining traction amid deteriorating technical picture.

On the intraday level, a strong move broke below the short-term trendline increased the selling pressure on ETH/USD and caused an extended sell-off. Currently, the coin is struggling to return above critical $171.00. This area is strengthened by SMA200 (1-hour) currently at $170.94 and SMA50 (4-hour) at $170.72. The next support lies with the recent low of $168.47 and $160.00 closely followed by 50% Fibo retracement at $159.70.

Considering that the intraday Relative Strength Index (RSI) points downwards, the further sell-off correction looks likely.

On the upside, a sustainable move above $174.50 (23.6% Fibo retracement) is needed to negate the short-term bearish sentiments. The next resistance comes at $178.00 (broken trendline).

ETH/USD, 4H chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

The coin has to get back above $174.50.

ETH/USD is not doing well this Thursday. The second largest coin has lot […]

Leave a Reply